SmartyPig comes to Australia

After a successful launch in the US last year, the world’s first web 2.0 savings account has touched down in Australia.

SmartyPig, which is designed to make savings accounts more attractive to Generation Y, revolutionises the world of online banking by bringing social networking sites such as Facebook and MySpace into the fray.

Using the savings account, Aussies can now display their pecuniary ambitions on their social networking profile and receive encouragement from friends and family.

Speaking to the Herald Sun, SmartyPig co-founder Jon Gaskell commented: “Because of the viral and social nature of it we see kids getting involved.’’

He added that the new high-interest savings account should help young people to think differently about their spending habits.

”We need to rethink how we use credit cards. We need to be socially responsible with finances more than ever," Mr Gaskell insisted.

The online account also offers a competitive five per cent annual savings interest rate to give youngsters one more reason to save.

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